Commercial Banks have been reported by the Punch to have asked the CBN to limit across the counter withdrawals to just N10,000 in a move that is bound to be followed by a customer backlash and could even set the economy further back in its bid to recover.
The paper explains the reason for this request is due to a significant drop in bank’s deposit over the past one year citing the harsh economic conditions as the reason. Currently, banks tend to encourage withdrawals through ATM cards as they earn revenues via charges from ATM’s and also reduces the cost of handling customers via their banking halls.
Going by some of the irrational decisions taken by the CBN over the past one year, one cannot rule out the possibility of the CBN heeding to the bank’s request and issuing out a directive on withdrawal caps. If this happens one will expect a heavy backlash from Nigerians who are increasingly getting frustrated by CBN economic polices that are thought to have made things worse rather than better.